India has called for the start of formal negotiations by WTO members to reform the dispute settlement body of the World Trade Organisation (WTO). These negotiations are essential as informal deliberations are preventing several nations from participating in the talks. The formal talks aim to arrive at a consensus by the 13th ministerial conference of […]
India calls for initiating formal talks on WTO’s dispute settlement body reforms
Drugs worth USD 650 bn trafficked globally; need insight sharing on emerging trends: CBIC
1 year ago
“The undercurrent of illegal trade in narcotics remains strong. Global drug trafficking is estimated to be worth USD 650 billion, contributing 30 per cent of the overall illicit economy. It is having a devastating impact…,” said the chief of the Central Board of Indirect Taxes and Customs (CBIC).
No stamp duty on SCI unit demerger
1 year ago
Acceding to the Centre’s request, the Maharashtra government has waived off stamp duty pertaining to the demerger of SCILAL, created by hiving off the non-core real estate assets of the Shipping Corporation of India (SCI), the official told ET. The stamp duty, according to industry estimates, could be in excess of ₹250 crore.
The DGFT notification indicates that the export poicy change will go into effect starting Sunday, October 29. The notification also laid out exceptions to the new regulation, stating that onions designated for export and already handed over to Customs are exempt as well shipments for which export duty has been paid before the notification was […]
Govts need to collaborate to facilitate cross border trade: Piyush Goyal at G7 trade ministers meet
1 year ago
In the Group of Seven (G7) trade ministers’ meeting, Commerce and Industry Minister Piyush Goyal urged the participating countries to collaborate on a regulatory framework to ease the movement of supply chains and facilitate cross-border trade.
India and the UK have assessed the advancements in negotiations for a proposed FTA at the G7 trade ministers meeting in Osaka. Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Kemi Badenoch reviewed the progress, aiming to bridge differences in issues like rules of origin and services. The […]
India produces on average between 25-27 million tonnes of pulses and imports 2-3 million tonnes annually. However, this year, the area sown to pulses during the kharif season has remained slightly lower at 122.57 lakh hectares as of September 22 due to a lack of rains in key producing states.
As part of its initiative to promote export of mangoes, the Centre invited the United States Department of Agriculture’s (USDA) Animal and Plant Health Inspection Service (APHIS) inspector for pre-clearance of mangoes at irradiation facilities at Vashi, Nashik, Bengaluru, and Ahmedabad.
The government is giving coastal cruise services a push by offering IGST waiver to luxury vessels converting to coastal run and encouraging setting up of cruise terminals in ports. The near-term goal is to encourage tourists who would otherwise be boarding cruises from Dubai or Singapore to onboard cruises from Indian destinations
In the first five months of FY24, imports in value terms were up 70% for avocado from a year earlier, while more than doubling in case of shelled almonds, and growing 80% and 62% for pistachio and olives, respectively. Imports of cereals such as buckwheat and millets have also grown sharply, albeit on a smaller […]